© Blockhead
Ray Youssef, co-founder of Paxful, has alleged that the global exchange had confiscated the funds, stating on X, "Binance has seized all funds from all Palestinians as per the request of the IDF. They refuse to return the funds. All appeals denied."
Full text:The seizure affected all Palestinians, alleges Youssef, who also believes Lebanon and Syria could follow.
Binance has seized all funds from all Palestinians as per the request of the IDF. They refuse to return the funds. All appeals denied.
Your funds are SAFU at @noonesapp tho.
In accordance with the authority delegated to me by the Minister of Defense, according to Section 61(a) of the Law on Combating Terrorism, 556-2016 (hereinafter: "The Law on the Fight against Terrorism") and further to your application as a reference, I would like to inform you that your claims against Seizure of property by virtue of an administrative seizure order (T56/23) signed by the Minister of Defense on November 1, 2023
By virtue of his authority according to the law, were examined by and rejected for the following reasons:
1. Section 56(b) of the Anti-Terrorism Law states, among other things, that the Minister of Defense may issue an order on
Temporary seizure of property of a declared terrorist organization, as well as seizure of property that was used to commit a crime. Serious terrorism or property where a serious terrorist offense was committed.
2. At the basis of the administrative seizure order (Tt56/23) is reliable intelligence information that teaches that wallets of cryptocurrencies, including one that is registered in your name, funds have been transferred by an organization.The declared terrorism of the Dubai Exchange Company in the Gaza Strip (declared on March 7, 2022, published in the 10084 p. 2505 on 4.4.2022.
3. According to the anti-terrorism law, cryptographic currencies that have been transferred by a declared terrorist organization constitute property of a declared terrorist organization and cryptocurrency wallets to which it has been transferred Said property constitutes property that was directly used to commit a serious terrorist offense of providing a service or Establishing measures for a terrorist organization, as defined in the Law on Combating Terrorism, and therefore in accordance with the instructions.The law allows the Minister of Defense to order their seizure by administrative order in preparation for their confiscation.
4. In light of the above, and if nothing is found in your claims to contradict the information that formed the basis of issuing an order The seizure, I intend to recommend to the Minister of Defense to order the confiscation of the property for which the seizure order was issued,In accordance with the authority of the Minister of Defense according to section 66(a) of the law.
5. According to the provisions of the Anti-Terrorism Law, an appeal against this decision will be submitted as a petition to the Court of Matters administrative.
"All Palestinians are affected and judging by the way things are going all Lebanese and Syrians will get the same treatment. Not your keys, not your coins," Youssef said.
Binance cited a letter signed in November 2023 by Israel's National Bureau for Counter-Terror Financing, which stated in Hebrew that the anti-terrorism laws allow the Minister of Defense to issue a "temporary seizure of property of a declared terrorist organization," including cryptocurrency funds.
Comment: Palestinians will never see their funds again. Notice too, that despite the caveat that only "terrorist" accounts were seized, ALL Palestinian accounts were considered terrorist connected.
"According to the anti-terrorism law, cryptographic currencies that have been transferred by a declared terrorist organization constitute property of a declared terrorist organization and cryptocurrency wallets to which it has been transferred," the letter stated.
Binance has denied blocking all funds from Palestinians and claims only those who are involved in illicit activities have had their assets confiscated.
"There have been some incorrect statements around this. Only a small number of user accounts, linked to illicit funds, were blocked from transacting," Binance told Cointelegraph.
Palestinian traffic has amounted to 0.05% of Binance's visits over the past year. "Most importantly, we hope for a lasting peace throughout the region," Binance added.
In a recent interview with Coindesk, Binance CEO Richard Teng revealed that Binance has been profitable since its fifth month of operation and is committed to cautious spending.
Teng said that the company's strong financial position and focus on sustainable growth make an IPO unnecessary at this time.
Binance is prioritizing compliance efforts, aiming to hire 1,000 employees this year, with a focus on compliance positions. By the end of 2024, the company plans to have 700 compliance staff, up from 500 currently. This significant investment in compliance demonstrates Binance's commitment to meeting regulatory standards and building trust with global authorities.
Sounds like a fairly rigged system by tyrants w/ an agenda to me.